First of all, hyperinflation hasn’t been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that “universal currencys (sic) not run by local governments” could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
The worst brunt was 20 years ago, but it returned a few times between 2019 and 2024.
But this is not to take a stand in the ongoing discussion. I agree that the global monetary system contains too much hot air, but I emphatically do not believe that cryptocurrency will solve or even improve this.
First of all, hyperinflation hasn’t been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that “universal currencys (sic) not run by local governments” could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
Not true:
https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
The worst brunt was 20 years ago, but it returned a few times between 2019 and 2024.
But this is not to take a stand in the ongoing discussion. I agree that the global monetary system contains too much hot air, but I emphatically do not believe that cryptocurrency will solve or even improve this.